Use the Following to Answer Question

question 283

Multiple Choice

Use the following to answer question:
Figure: The Demand for Bricklayers
-(Figure: The Demand for Bricklayers) Use Figure: The Demand for Bricklayers.If there is an increase in technology that increases the productivity of bricklayers,then the value of the marginal product of the sixth bricklayer will be _____ than _____.

• A)less;$80
• B)greater;$100
• C)less;$60
• D)greater;$110

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Definitions:

Budget Standard Cost

Expected cost of goods or services set during a budgeting process, which serves as a guideline for managing and controlling future costs.

Markup Percentage

A ratio that shows how much a product’s selling price exceeds its cost, expressed as a percentage of the cost.

Variable Cost

Costs that vary directly with the level of production or service activity.

Contribution Margin

The difference between the sales revenue of a product and its variable costs.